What's behind the rise in 'mumpreneurs'?

Thursday 28 July 2016

The number of mumpreneurs - that's mothers who are also entrepreneurs - has increased significantly in recent years, but what is fuelling this rise?

Figures published in early 2016 by the UK's Office for National Statistics revealed that more than 800,000 women and mothers throughout the country now run a business venture either part-time or full-time from their own home.

In part, this is due to the aftermath of the economic recession of the mid-2000s, which led to many people leaving their jobs to set up their own limited companies and small businesses instead.

What's more, a reduction in the level of red tape surrounding starting a business has made it easier for women to juggle motherhood with establishing their own company, and the sharp rise in mumpreneurs indicates that a growing number of working mums are recognising the benefits of being their own boss.

For example, self-employed mothers can fit in their working hours around family commitments thanks to the benefit of being able to choose when and where they work for themselves. In addition, being able to easily take time off when their children are ill or have an event such as sports day allows them to achieve a better work-life balance than if they were employed in a traditional nine-to-five setting.

A report published last year by Development Economics found that mumpreneurs boosted the UK economy by £7.2 billion in 2014 alone, highlighting the valuable contribution that flexible workers add to society.

By employing the services of a small business accountancy service such as Brookson's, self-employed mums can spend more time with their families, as we take on some of the paperwork involved with running a limited company, ensuring that everything is remaining compliant with HMRC's latest regulations.

This also helps workers to spend more time on devising a strong business plan - something that Gareth Robinson, chief executive officer of ABE, explained was vital for mumpreneurs to make their ventures a success.

Speaking to Business Matters Magazine, he commented: "Work, family commitments or financial limitations can often impact on a budding entrepreneur's desire to get their idea off the ground, but the mumpreneur revolution shows that with good planning and effective financial management, being successful as a businessperson is very much a possibility."

References

http://www.bmmagazine.co.uk/in-business/running-your-business/mumpreneurs-show-entrepreneurial-success-possible-anywhere-right-planning/

http://www.telegraph.co.uk/finance/yourbusiness/11782294/Mumpreneurs-generate-7bn-for-the-UK-economy.html


By Victoria McDonnell

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